LONDON – Rhodium and ruthenium are having a banner week.
Rhodium, mainly used in autocatalysts to curb harmful emissions, is benefiting as more European consumers choose gasoline-powered cars and trucks over diesel, said Jonathan Butler, a precious metals strategist at Mitsubishi Corp. in London. Drivers for ruthenium include demand for applications such as organic light-emitting diodes and water purification purposes, he said.
Because they’re small and illiquid markets, even small changes in supply and demand can cause big price moves.
Rhodium was at $1 550 an ounce on Friday and reached the highest since early 2012, according to data from Johnson Matthey. Ruthenium climbed to $85 an ounce, touching the highest since 2013.
Both metals have now doubled in price this year, far exceeding gains in all major commodities tracked by Bloomberg. The closest performance has been a 43% advance by palladium, also used in autocatalysts.